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2nd July 2021
Powerhouse Energy Group plc
("Powerhouse" or the "Company")
Development Partner Update
Powerhouse Energy Group plc (AIM: PHE), the UK technology company seeking to commercialise hydrogen production from non-recyclable waste plastic, announces its partner, Peel NRE, part of Peel L&P, has signed a Letter of Intent to supply hydrogen from its planned roll out of plastic to hydrogen facilities to Element 2’s proposed network of hydrogen refuelling stations.
Peel NRE is Powerhouse’s exclusive development partner for the technology in the UK
Under the terms of the DMG Development UK Exclusivity Option Agreement between Peel NRE and Powerhouse (first announced on 9 March 2020), Peel NRE is proposing to develop a hydrogen refuelling station which will take hydrogen produced by Powerhouse technology, from the consented plastic to hydrogen facility at Protos, Cheshire.
There are also plans to develop a hydrogen refuelling station at Peel NRE’s planned plastic to hydrogen facility in North Clyde, near Glasgow.
Whilst the Company is very encouraged by these developments it should be noted that there is no guarantee the facilities will be completed and that the arrangements remain subject to legally binding agreements
Tim Yeo, Executive Chair, said: “We welcome Peel’s plans to supply hydrogen to Element 2 at Protos with the hydrogen being produced by Powerhouse technology. This would be a significant step in kickstarting the UK’s infrastructure for the hydrogen economy, helping accelerate the country’s clean energy transition”.
For more information, contact:
Powerhouse Energy Group plc
Tel: +44 (0) 203 368 6399
Tim Yeo, Executive Chairman
WH Ireland Limited (Nominated Adviser)
Tel: +44 (0) 207 220 1666
James Joyce/ Lydia Zychowska
Turner Pope Investments (TPI) Ltd (Joint Broker)
Tel: +44 (0) 203 657 0050
SisterSmith PR (media enquiries)
Notes to Editors:
About Powerhouse Energy Group plc
Powerhouse has developed a proprietary process technology - DMG® - which can utilise waste plastic, end-of-life-tyres, and other waste streams to efficiently and economically convert them into syngas from which valuable products such as chemical precursors, hydrogen, electricity and other industrial products may be derived. Powerhouse’s technology is one of the world's first proven, distributed, modular, hydrogen from waste (HfW) process.
The Powerhouse DMG® process can generate up to 2 tonnes of road-fuel quality hydrogen and more than 58MWh of exportable electricity per day.
Powerhouse’s process produces low levels of safe residues and requires a small operating footprint, making it suitable for deployment at enterprise and community level. As announced on 11th February 2020 under its Supplemental Agreement with Peel Environmental, Powerhouse will receive an annual license fee of £500,000 in respect of each project which is commissioned.
Powerhouse is quoted on the London Stock Exchange's AIM Market under the ticker: PHE and is incorporated in the United Kingdom.
For more information see www.powerhouseenergy.co.uk